Tax Legislation Package Faces Clinton Veto Threat
American Banker (10/27/00) Vol. 104, No. 42 p.5; Heller, Michele; Blackwell, Rob

President Clinton says he may veto a $245 billion tax-cut package that the banking industry favors. The measure would create a special tax-deferred savings account for farmers and ranchers, create tax breaks for banks and companies that invest in poor communities, allow banks to pay interest on business checking accounts, and raise limits on contributions to retirement savings plans. Independent Community Bankers of America director Paul Merski defines the bill as bank-friendly, but tailored for small businesses and community banks. However, the president described the package as partisan, and said it neglected school construction, health care, and pension policy concerns. Congressional leaders have not indicated what they would do if the package is vetoed.


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